It is actually a Digital Payment Solution, which is known for online payment in the country and abroad. With its help, you can send and order money online anywhere in the world. Also, you can receive online payment for your business.
What is Paypal?
PayPal is a world-class digital payment system that facilitates world-wide online payments. That is, it gives the facility to send and order money around the world. With its help, you can send money online to any country in the world. And can order. Also if you do any online work or sell any digital product (such as online courses etc.) So you can receive online payment from your foreign customers through Paypal.
For this you do not need to share anything like your name, address, mobile number, credit card, debit card and bank details. That is, with the help of PayPal, you can receive payment without sharing any personal details. All you have to do is provide your Email ID. In simple words, Paypal is a simple and easy-to-use platform! Which gives the facility of online payment all over the world.
How does Paypal work?
When you create your account on PayPal, you are asked for an email ID. And the email ID with which you register is called your Registered Email ID. This email ID is your Payment ID and this is your Paypal Account Number. That is, this email id is used to send and receive money. But how? Come on, let's know.
Send Payments
When you make an online payment or send money to someone, you need an email ID. That is, the registered email id of the recipient is required. For example, if you send money to your friend, then you will need his email id. And the amount you send to him will be deducted from your bank account. If you will pay by card, then you will have to pay Transaction Fees separately.
Receive Payments
When someone sends you money, you get a mail. Contains full details of the amount sent. You can transfer this amount to your bank account. And if you want, you can also keep it in Paypal Account. But this facility is not available in Paypal India. That's why whenever a payment is received, PayPal automatically transfers it to your bank account.
That is, PayPal deducts its fees and deposits the remaining amount in your bank account. If the sender of money is a foreigner. And he paid in another currency! So you have to pay fixed and transaction fees as well as currency conversion fees. Well, we will talk about Fees and Charges later. First let us know what is a PayPal account?
What is Paypal Account?
A PayPal account is a digital account that allows you to store and manage funds electronically. That is, it is a digital wallet, which gives the facility to keep, send and receive money. Also with its help you can do online shopping in any country of the world. And you can make payment sitting at home.
If you are a Seller or Merchant! So using PayPal's payment gateway, you can receive online payment from your customers. And you can send them by making Bills. I would like to tell you that PayPal is a secure platform. Where you get the option of secure payment and withdrawal. Also, full protection is available against Online Fraud and Card Fraud. Not only this, if any seller cheats you, then you can complain against him. PayPal will freeze his account.
Well, Email ID is necessary for Paypal account. Because all the transactions happen through this. Apart from this, a credit or debit card is necessary to send payment and a bank account is necessary to receive it. If you are going to create a PayPal account, then you must have these three things. Well, there are also different types of PayPal accounts. Come, let's know about them.
How to create Paypal Account?
Step-1. SignUp For Individual Account
First of all open your web browser . And visit PayPal's official website, Paypal.com . After that click on the button of Sign Up for free.
Step-2. Choose Account Type
As soon as you click on the Sign Up For Free button, a new page will open. Where you will be asked to choose Account Type. Here you have to choose Individual Account. And click on Next button.
Step-3. Verify Mobile Number
On the next page you will be asked for mobile number. Here you have to enter your mobile number. And click on Next. As soon as you click on Next, an OTP will come on your mobile number. Also a new page will open where you will be asked for OTP. You have to enter the OTP after seeing it in the message.
Step-4. Email & Password
After entering the OTP, a new page will open. Where you will be asked to enter Email ID and Password. Whatever email ID you enter here, it will be used as your account number. That is, this email id will be used to send and receive payment. That's why enter the Genuine Email ID. and verify it.
As for the password, a new password has to be entered in the Password field. That is, a new and strong password has to be created with the help of small and big letters, numbers and special characters of English and enter it in the specified place. After entering the email id and password, click on Next. And a captcha has to be filled.
Step-5. Fill Your Address
After filling the captcha, a new page will open where you will be asked to enter your name and address. You have to accept the Terms & Conditions by entering your name, address, pin code etc. And click on the button of Agree & Create Account. Hi, your account is ready. But you can't make the payment right now. For this you have to follow the next step.
Step-6. Link Card
As soon as you click on the button of Agree & Create Account, a new page will open. Where you will be asked for card details. Here you have to fill the details of your Credit Card or Debit Card. That is, to enter the Card Number, Expiry Date and Security Code (CVV). And click on the link card button.
Step-7. Add Bank Account
Now you will be asked to add bank account. Here you will get two options. First, IFSC Code and second, Bank Name/Location. You can choose any of these options. If you select IFSC Code option then you will have to enter IFSC Code and Account Number.
PayPal Business Account
Now the question is how to create a PayPal business account? So its process is a bit long. Because in this the details of Business, Sales, Income, Tax etc. have to be given. That's why the process is a bit lengthy. But there's nothing to worry about. Because we will explain to you step-by-step how to create a PayPal business account? So let's get started
Step-1. Visit to Paypal.com
First of all, open any web browser on your phone or PC. And type Paypal.com in the address bar and press OK or Enter. The PayPal website will open in front of you. Here you will see the button of Sign Up for free, click on it. As in the first step of the individual account.
Step-2. Choose Business Account
Now a new page will open in front of you, where you will be asked to choose Account Type. Individual Account and Business Account option will be available. You have to select the second option (Business Account). And click on Next button.
Step-3. Choose Payment Mode
Now you will be asked for 2 information. First, the means of accepting payment, and second, the Annual Sales Volume. In the first option, you have to tell how you will accept the payment. For this you will get three options :-
On website selling goods or services
Via email, invoicing or link
On marketplaces or Freelancer platforms
You have to select any one of these options. For example, if you accept payment through your e-commerce website. So you have to select the first option.
Step-4. SignUp For Business Account
Now you will be asked for email id. Keep in mind, this email ID will also be your payment ID. That's why enter the Genuine Email ID. And click on submit button. On clicking submit, a new page will appear where you will be asked to enter the password. Here you have to enter and create a new password. And click on submit button. As done in step 4 of the individual account above.
Step-5. Describe Your Business
Now you have to tell about your business. That is, to tell about your company or business. You will get many options for this. As the first option is Business Type. In this you will get 4 different options, out of which to choose one option. For example Individual.
The second option is Product or service keyword. There are also different options in which to select one of the options. Which properly describes your product or service.
